Real estate Space absorption by New Companies Rising – Despite the city’s unending infrastructure woes, brand Bengaluru continues to be a powerful magnet for global enterprises looking for IT and digitization capabilities. Many of these MNC’s are those that previously outsourced work to top IT players in the country but now want to also build their own captive operations. Among them are US- Based home improvement and appliance store chain Lowe’s, Denmark’s Largest bank Danske Bank, a unit Sweden-based engineering group Trelleborg AB, Financial services firm Great-West Financial, Food processing company Cargill, Alistate Insurance Morgan Stanley and America’s largest Lingerie’s retailer Victoria’s Secret. ”Close to 80% of companies looking at India to scale their technology operations have Bengaluru as their first preference”, said Raj Menda.
Our tenant list has grown by 25%this year, Around half of the new tenant are companies that are new to India,” said Hollan. But declined to share any names citing confidentiality agreements. Data shared by Satish B N executive director, South, in property consultancy Knight Frank India suggest that in the quarter ended September, Close to 300,000 sq ft of office space was absorbed by new multinational.
India has over 800 Gic’s (global in –hose centres) of Mnc’s a majority of which are in Bengaluru. Bijay Agarwal, MD of Real estate firm from Sattva Group – Leading builder and Developer from South India & Residentail and Commercial Builder and Developer, which has around 2.5 million sqft of leasable office space coming into the market said the quantum of office space uptake per company had also increased significantly; Earlier a company entering the market would look to absorb 10,000 to 25,000 sqft of space but now the demand is for 100,000 to 500,000 sqft said Agarwal.
Our tenant list has grown by 25%this year, Around half of the new tenant are companies that are new to India,” said Hollan. But declined to share any names citing confidentiality agreements. Data shared by Satish B N executive director, South, in property consultancy Knight Frank India suggest that in the quarter ended September, Close to 300,000 sq ft of office space was absorbed by new multinational.
India has over 800 Gic’s (global in –hose centres) of Mnc’s a majority of which are in Bengaluru. Bijay Agarwal, MD of Real estate firm from Sattva Group – Leading builder and Developer from South India & Residentail and Commercial Builder and Developer, which has around 2.5 million sqft of leasable office space coming into the market said the quantum of office space uptake per company had also increased significantly; Earlier a company entering the market would look to absorb 10,000 to 25,000 sqft of space but now the demand is for 100,000 to 500,000 sqft said Agarwal.
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